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Archive for April, 2016

Amazon sees profits and sales surge

April 29, 2016

Amazon has reported a profit of $513m (£351m) in its first quarter, helped by a 28% jump in sales. Sales hit $29.1bn for the three months to the end of March, helped by rising sales of its Kindle reading devices and Fire tablet computers. Both sales and profits were higher than analysts had been expecting […]

RBS reports £968m loss after government payment

Royal Bank of Scotland has reported a £968m loss for the first three months of 2016 – more than double the loss in the same period last year. RBS said a one-off dividend payment of £1.2bn to the UK government dragged down an otherwise profitable period. Operating profits rose to £421m for the quarter, up […]

ExxonMobil and Chevron profits slide on low oil prices

ExxonMobil reported a 63% slide in first quarter profits following low crude oil prices and weak refining margins. It reported a profit of $1.8bn (£1.24bn), a sharp decline from $4.94bn for the same period last year and its lowest quarterly profit since 1999. Revenue dropped 28% to $48.7bn, but it had strong results from its […]

Eurozone recovery picks up speed

The eurozone’s economy grew by a faster-than-expected 0.6% in the first three months of the year, according to official statistics. The growth rate in the 19-nation bloc doubled from the 0.3% rate recorded in the previous quarter, and was above analysts’ expectations of 0.4%. However, separate data from Eurostat also indicated that deflation had returned […]

Mitsubishi Motors admits using wrong tests since 1991

April 26, 2016

Mitsubishi Motors has said it has used fuel consumption tests that broke Japanese rules for the past 25 years. The admission follows last week’s revelation that it had falsified fuel economy data for four “minicar” models sold only in Japan. Regulations changed in 1991 to better reflect stop-start urban driving, but Mitsubishi failed to heed […]

Scottish Power to pay £18m after customer service failings

Scottish Power is to pay £18m for customer service failings linked to a new computer system. The energy regulator, Ofgem, said the firm failed to treat its customers fairly, with inadequate call handling, complaint resolution and billing. More than 300,000 customers across the UK received late bills. The £18m will go to vulnerable customers and […]

Steel crisis: David Cameron visits Tata Port Talbot

David Cameron has visited Tata Steel management and unions in Port Talbot to discuss the crisis in the industry. The UK government has said it would consider taking a stake in any rescue operation for the firm’s loss-making UK businesses, which are up for sale. Stuart Wilkie, Tata Steel UK’s director at Port Talbot and […]

BHS: MPs plan to question Sir Philip Green

Former BHS owner Sir Philip Green is expected to be called to appear before MPs to face questions over the collapse of the retailer into administration. Work and pensions committee chair Frank Field told news agencies that he was sure Sir Philip “will be invited”. Sir Philip owned BHS, which went into administration on Monday, […]

Austin Reed enters administration putting 1,200 jobs at risk

Menswear retailer Austin Reed has entered administration, putting almost 1,200 jobs at risk. A statement from the administrators blamed a “challenging” retail market and cash flow difficulties. The company, which has 100 standalone stores and is stocked in a further 50, has struggled to compete and has seen its sales fall. Austin Reed began in […]

Mitsubishi Motors scandal widens

April 22, 2016

The emissions scandal surrounding Mitsubishi Motors has widened as the firm said further models may be involved. At a press conference, the company’s president Tetsuro Aikawa said there may have been more car models that incorrectly measured fuel efficiency data than initially thought. Meanwhile, US safety authorities have asked the company for more information. Shares […]

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